Acting FCA Chief Executive, Tracey McDermott, has spoken to the Association of British Insurers on “moving towards a sustainable model of regulation”. She said FCA wants to move on from introducing new rules in response to the financial crisis to supporting sustainable economic growth, and that it could annul rules that obstruct that aim. She explained why FCA has changed its model for classifying firms and what this means in practice for them. She then looked at FCA’s proposals to change rules that are not working, such as firms’ disclosures prior to selling products to retail customers. She said FCA must not remove regulatory requirements without considering the consequences but also said that the weight of regulation should not make financial advice inaccessible for consumers. She then spoke about rebuilding trust from consumers in the insurance markets and announced the creation of the UK Debt Market Forum. (Source: FCA McDermott – Moving Towards a Sustainable Model of Regulation)